33. At the beginning of the year, Wine Company had total assets of $1,050,000 and total liabilities of $600,000. Answer the following questions viewing each situation as being independent of the others.
(1) If total assets increased $350,000 during the year, and total liabilities decreased $150,000, what is the amount of stockholders' equity at the end of the year?
(2) During the year, total liabilities increased $500,000 and stockholders' equity decreased $200,000. What is the amount of total assets at the end of the year?
(3) If total assets decreased $90,000 and stockholders' equity increased $280,000 during the year, what is the amount of total liabilities at the end of the year?
Please work the problem out in the attached Excel format. Thank you for the help!© BrainMass Inc. brainmass.com March 4, 2021, 5:55 pm ad1c9bdddf
The solution discusses wine company assets.